Pursuant to Article 3 of Law 3190/1955, the company limited by liability is a commercial company, even if its purpose is not commercial. Conduct of specific business is, however, prohibited (banking, insurance and finance, management of securities custody accounts and investment funds, leasing, commercial debt collection agencies, sale/realization of investments in the field of cutting-edge technology (venture capital only), activities in the sports sector, etc.).
As of 01.01.2013 no minimum capital requirements exist. There is no limit on the level of capital.
Pursuant to Article 43a of Law 3190/1955, modified by Article 2 of Presidential Decree 279/1993, a single natural person can also form a limited liability company or a limited liability company that has already been incorporated can be reorganized into a company with just one member. A limited liability company with just one member is, however, null and void if the founding member (natural person or legal entity) is also the sole member in another limited liability company with just one member, or it has been formed by another limited liability company with just one sole member.
- Key features of the company limited by liability in Greece:
- No capital required for formation,
- Capital denominated in “interests” or “parts”
- Specific requirements in terms of disclosure during formation and the entire existence of the company
- Predetermined duration, but omitting to define the duration of the company’s existence does not constitute grounds for the company’s nullity
- Limited liability on part of shareholders
- Resolutions passed by a majority of more than 50% of the shareholders representing more than half of the total share capital
- Existence of two executive bodies (general meeting, directors)
- Formation of the E.P.E. (company limited by liability) must be documented by a notary (+ mandatory representation by lawyers).